From the San Jose Mercury News:

City backs speedy sale of Great America

By Julie Patel

Mercury News

Santa Clara City Council members voted Tuesday night to help accelerate the sale of Great America theme park.

CBS/Paramount Parks, which owns Great America, told city officials this week that it wants to close a $1.24 billion deal to sell the park to Ohio-based Cedar Fair by Friday.

CBS rents the land the park is on from the city for about $5.3 million a year, and city officials expected to have more time to ensure Cedar Fair would be able to operate the park and pay the rent, said assistant city manager Ron Garratt.

But he said trying to make the transfer happen this week would help the city meet its economic development goals and foster positive relationships with the new renter.

Very interesting news. I did knew that Paramount Parks was in a long term lease for the land PGA sits on with the city of Santa Clara. I did not know how much Paramount Parks was paying each year for the use of the land. Glad to see that the city is not going to be holding up the deal, which should close by the end of the day today, if everything goes according to plans.